The board also unanimously passed a motion projecting $106 million in revenues for the 2014 fiscal year and allowing $114.1 million in expenditures.

Sharp said that the $8.1 million difference will be funded through the undesignated general fund balance to retire debt.

She said that after paying $23.3 million of the Township's debt service, the remaining balance will be $87.8 million.

Sharp said by retiring this amount of debt in 2014, the Township will save $5.6 million.

"We are fortunate in our economic development to be able to obtain those funds," she said.

Sharp said the Township is in a strong position financially.

"It is, in a word, excellent," she said. "That is evidenced by a strong business climate that produces substantial sales tax and hotel room tax revenue that make up over 50 percent of our budget. That is different than a lot of communities."

Sharp said the robust property tax base can be attributed to new residential and commercial properties, as well as the sustained or increased values of existing properties.

"Bond ratings are another sign of our financial strength," she added. "The Township's bonds are of excellent investment quality."

Sharp said the Township also has no unfunded pension costs and no vacation or sick leave balances to be paid out.

She said that revenues rose 4.7 percent from last year's projections - an increase of $4.72 million.

She said property tax accounts for 40 percent of the revenue, while sales tax makes up 45 percent and 6 percent comes from hotel occupancy tax.

"As sales tax and other sources of revenue have increased, that reliance on property tax has decreased," Sharp explained.

She said that sales tax has increased from 39 percent in 2010, and hotel tax has gone up from 5 percent in the same year.

"That relieves the tax burden on our property owners," Sharp said. "This is very different than most communities, which rely heavily on property taxes."

She said the taxable property base for 2014 totals $14.5 billion, up from $13.3 billion in 2013. The increase totals $1.2 billion, or 9 percent.

Sharp also said $0.2 billion, or 1.5 percent, comes from new properties and $1 billion or 7.5 percent comes from the revaluation of existing properties.

"Sales tax revenue has really grown over the five year period," Sharp said.

She said the current revenue from sales tax represents an 85 percent increase from 2010.

"Hotel occupancy tax has also seen a steady increase," she said. "We've seen this source of revenue grown over 90 percent."

Hotel occupancy taxes totaled $3.6 million in 2010.

The expenditures for the 2014 fiscal year represent a 7.9 percent increase from the 2013 budget.

Debt service accounted for the most costs, or 20 percent of the 2014 expenditures. Sharp said that normally the amount would total 9 percent.

The fire department is the next largest expenditure, totaling 17 percent, while parks and recreation account for 13 percent.

Community services costs, which include covenant administration and streetscaping, make up 12 percent of the expenditures. Law enforcement accounts for 11 percent of the expenditures.

Sharp said capital projects have decreased in the 2014 budget but that transportation costs have increased in 2014.

"That is a new service that the Township has assumed," she said. "The rest of our increases have to do with growth. As our community grows, those expenses grow with it."

Increasing services tied to growth include public safety, waste disposal and streetscaping.

The Township has placed $10.3 million in its capital projects fund - reserving $1.7 million for the fire department, $0.4 million for information and technology and $7.6 million for parks and recreation.

Bruce Tough, chairman of the Township's board of directors, said that he is pleased with the new budget.

"We have spent the substantial part of the month of July in budget meetings," he said. "It's a long process, but it's well worth it. We're very proud of the budget."

Board member Mike Bass recognized the relationship between property, sales and hotel tax.

"Those percentages are completely opposite of what most cities in Texas are doing today," he said. "Their property taxes are well above 50 percent of their revenue. I think that's another real plus in terms of the growth of our economy."